O3b stands for the "other three billion" people in the world without regular access to broadband internet.
O3b has finalised $770m of debt financing and $410m of equity investments to launch eight satellites in the first half of 2013, according to the Financial Times.
The satellites will provide cost-effective links between the World Wide Web and mobile operators' base stations in developing countries.
O3b's shareholders are led by satellite operator SES, HSBC, Liberty Global and Google.
The company is planning to enable broadband connections in more than 150 countries in Africa, Asia, Latin America and the Middle East.